There’s never been a better time to be in New York City.

Under the leadership of Mayor Bill de Blasio, we have become home to a record 8.4 million people, who speak an estimated 800 languages. We’ve reached an unprecedented four million total jobs, including over 94,000 private sector jobs in the last year alone. The Gross Annual City Product of $678 billion represents a 25% increase over the past decade average. We have more Fortune 500 Companies than anywhere else in the world. Tech companies like Samsung, Google, Facebook, and Amazon are expanding their footprints at an unprecedented pace.

But while we’ve seen success, our city’s economy also faces serious challenges. Jobs numbers are up, but we must remain vigilant that we are adding good-paying jobs. Over 21% of New Yorkers live below the federal poverty line of $22,811 for a family of four. More than half of New Yorkers are rent burdened, with rents rising rapidly as wages decline. We rely on a few high impact industries—the finance and insurance sectors account for 30% of our payroll and 27% of the City’s tax base, but only 9% of our employment. We lag behind other global cities with respect to 21st century infrastructure, including access to high-speed broadband.

With the number of challenges we face, it has become our vision to make New York City the global model for inclusive innovation and economic growth, fueled by the diversity of our people and our businesses.

  • 8,400,000

    people

  • 94,000

    private sector Jobs

  • $678 billion

    Gross Annual
    City Product

Johanna Zaki, Executive Director
Alliance for Coney Island

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I. Investing in Infrastructure

Invest in critical infrastructure across the five boroughs to support growth and connectivity.

This year has seen major investments to expand recovery and resiliency efforts in Coney Island and the Rockaways. We continued progress at Hunter’s Point South, the Queens waterfront development that provides middle-income housing options, regenerating Long Island City and reconnecting it to the city through the NYCEDC-managed East River Ferry service.

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Adrian Gonzalez, Winner of NYC GenTech
11th grade, All Hallows High School, Bronx

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II. Unlocking Human Capital

Unlock the full potential of our human capital by supporting quality jobs and providing access to skills development.

The Career Pathways report presented the City’s strategy to overhaul its workforce development system. Among other efforts, we’re turning job placement programs into quality career pathways with an expansion of NYCEDC’s HireNYC program. Through our RFP process, employers doing business with NYCEDC must consider jobseekers from the City's workforce system, and we have expanded HireNYC to include tenants at NYCEDC-managed properties. We’re also strengthening our partnerships, ensuring that skill building is connected to quality employment.

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Jen Martin & Jeff Martin, Co-Founders
PipSnacks, La Marqueta

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III. Leveraging City Assets

Leverage City-owned assets to realize a double-bottom line in catalyzing job growth and promoting innovation.

A $100 million capital investment at the Brooklyn Army Terminal is adding 500,000 sq. ft.of job-intensive light industrial space, making room for 1,700 new jobs. NYCEDC-managed public markets, like East Harlem’s La Marqueta, provide entrepreneurs with affordable retail space, training, and assistance to develop food incubators. It was also an honor to help restore the Kings Theatre in Flatbush, celebrating the renaissance of Brooklyn's cultural heritage.

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DB Lampman & Scott Van Campen, Co-Founders
SI MakerSpace

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IV. Making It Easier for Business to Start and Grow

Drive sustainable, resilient growth by making it easier for business to start, grow, and thrive in New York City.

We strengthened and expanded our incubator network so that businesses face fewer barriers to success. In partnership with NYU in the Applied Sciences Initiative, we inaugurated Urban Future Lab to support innovative companies in green technology and resiliency. And we continue to support the SBS-led “Small Business First” initiative to reduce the regulatory burden on small businesses.

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Steven Isaacman, Founder & CEO,
Michael Isaacman, COO
PHD Sciences

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V. Cultivating a Global Capital of Innovation

Grow New York City as the global capital for innovation by strategically investing in emerging sectors and encouraging traditional industries to adapt to global disruption.

We launched the Manufacturing Innovation Hub for Apparel, Textiles + Wearable Tech in Sunset Park, while bolstering our fashion programs to ensure that NYC remains the world’s fashion headquarters. We’ve also made strategic investments for key city sectors, building on our successes with the Applied Sciences Initiative and furthering our initiatives to expand the city’s life sciences industry.

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NYCEDC is building upon this foundation in the continued effort to make New York City the global model of inclusive innovation and growth.

We’re taking further steps to execute priorities from the Career Pathways report, such as Best for NYC—created in partnership with B Lab—which helps businesses assess their workplace practices, from inclusive hiring to employee training, and provides resources and recognition for improvement. The Food Business Pathways program for NYCHA residents—created in partnership with the Department of Small Business Services (SBS), Citi, and Hot Bread Kitchen—provides a business accelerator program for entrepreneurs to start and grow food businesses across the city.

Revitalization will continue on the North Shore of Staten Island, with the Empire Outlets Mall and Staten Island Wheel, the largest observation wheel in the hemisphere and an anchor to the growth of Staten Island.

To address key gaps in the city’s transportation infrastructure, we’ll be overseeing the greatest expansion of ferry service in New York Harbor in decades. The Citywide Ferry Service will build off of the success of the East River Ferry, more than double the number of landings from seven to twenty, and increase the number of routes from one to six by the end of 2018. The Citywide Ferry Service will provide transit connections to waterfront communities around the city, unlocking development in transit-challenged areas and increasing equity, resiliency, and economic prosperity.

NYCEDC is dedicated to the creation of a dynamic, equitable, and sustainable urban economy. We are making sure that whatever happens next, happens right here in New York City—and that all New Yorkers are a part of it.